Commonly Used Economic Symbols & Abbreviations – Flashcards
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Government borrowing
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B
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Learning efficiency
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b
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Consumption (absolute, per capita)
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C, c
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Consumption of credit good
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C^c
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Consumption of cash (money) good
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C^m
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depreciation rate of capital, marginal product of efficiency units of labor
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d
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Change
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∆
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Percentage change
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%∆
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Production function
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F(•)
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Per capita production function
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f(•)
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Government expense
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G
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Total factor productivity growth rate
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g
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Human capital
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H
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Hours available
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h
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Investment
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I
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Inflation rate
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i
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Capital stock
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K
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Per capita capital
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k
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Leisure
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l
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Liquidity demand
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L(•)
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Money
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M
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Labor
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N
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Population growth rate
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n
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Price level
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P
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Profits
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π
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Interest rate (nominal, real)
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R, r
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Savings (nominal, per capita)
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S
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savings rate
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s
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Time
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t
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Tax (absolute, per capita)
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T, t
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Utility function
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U(•)
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Fraction of time spent working
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u
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Velocity of money
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V
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Hourly wage
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w
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Lifetime wealth
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we (in italics like the rest)
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GDP, output, total income (absolute, per capita)
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Y, y
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Total factor productivity
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z
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Budget constraint
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BC
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Consumer Price Index
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CPI
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Gross Domestic Product
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GDP
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Gross National Product
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GNP
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Household
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HH
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Marginal benefit
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MB
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Marginal cost
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MC
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Marginal product
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MP
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Marginal rate of substitution
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MRS
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Marginal rate of transformation
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MRT
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Production possibility frontier
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PPF
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Demand
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x^d
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Supply
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x^s
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Time
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x(subt--meaning it's the opposite of ^2)
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Equilibrium
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x^e
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Next period
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x^l
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Previous period
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x^-
